State Treasurer John Kennedy Entrusted With Returning Peoples Money

BATON ROUGE, LA – Governor Murphy J. Mike Foster signed into law last week a bill that transfers the state’s Unclaimed Property Program from the Department of Revenue to the State Treasurers Office.

Under the new law, beginning July 1, the State Treasury will be responsible for finding owners of unclaimed, intangible personal property turned over to the state. This unclaimed property can include payroll checks, checking and savings accounts, royalties, utility deposits, interest, dividends, stock certificates, and life insurance proceeds.

Louisiana’s Unclaimed Property Program was created in 1972 and placed under the purview of the Department of Revenue. Over the programs 28-year history, the state has collected more than $220,742,000 in unclaimed property, and to date, has refunded $55,921,000.

State Treasurer John Kennedy, who assumed office in January, previously served three and one-half years as the state’s Secretary of Revenue. In that capacity, Kennedy returned more than $22 million in state unclaimed property to more than 52,000 Louisiana residents nearly half of the entire sum refunded over the life of the program.

This program will receive top priority at Treasury, said Kennedy. This money belongs to the people of Louisiana, and I will make sure they get it back.

He noted that transference of the program will not incur any new costs to the state.

Currently, 38 other state’s house their unclaimed property programs under the Treasurers Office or its functional equivalent.

HB 174, authored by Rep. Bryant Hammett (D-Ferriday), Rep. Ed Murray (D-New Orleans), and Sen. Robert Barham (D-Rayville), which provides for the transfer, includes an amendment requiring the Treasurers Office to notify state legislators of unclaimed property owners in their districts. Kennedy said this added notification process will be beneficial in helping his office locate the appropriate people.

The key to this programs success is simple spread the word! The more people who know about the program and how to search its records, the better our chances of matching unclaimed property with the owners, he said.

Louisiana’s Unclaimed Property Program will continue to be administered by the Department of Revenue until the July 1 transfer date. Persons wishing to find out if they have unclaimed property can call toll-free at 1-888-925-4127 or 225-925-7407, Monday through Friday, from 8 a.m. to 4:30 p.m., or send written requests to Louisiana Department of Revenue, Unclaimed Property Section, P.O. Box 91010, Baton Rouge, LA 70821-9010. People can also visit the departments Internet web site at http://www.rev.state.la.us.

Contact:
Delia Taylor, Communications Director
(225) 342-0010